By Antonio Porretta
At Blackbridge Financial, we strive to help our clients retire with a solid wealth management plan so that they can enjoy their golden years the way they want to. In our decades of experience, we have helped professionals through an array of issues that had the potential, if not handled properly, to derail their retirement and damage even the best-thought-out financial plan.
This case study explores an unexpected situation that left our clients in quite a bind and details the wealth management strategies we employed to help the couple manage it.
The Client
The couple, whom we’ll call Steve and Jenny, have been our clients for over 20 years. Steve worked at a major corporation and was quite successful. The couple had four grown children and were still paying the mortgage on their house. Steve possessed some stock options from his employer, but the couple didn’t exactly understand how to handle the stock options effectively and to their benefit.
Aside from needing comprehensive financial planning, this couple hit a roadblock on their way to retirement when Steve was part of a forced layoff at age 58. The couple had initially planned on Steve retiring in his early 60s, and the unexpected change meant that their retirement plan needed a slight reboot. With that setback, they needed to address some long-term financial planning issues, insurance planning, asset management strategies, and set up a sound risk management plan.
The Goal
When Steve and Jenny faced this unexpected challenge, we knew we had to go back to the drawing board to ensure the couple’s long-term retirement plans would not be affected. With our planning, we were able to create a stable long-term strategy aimed at helping Steve stay retired. At 58, Steve did not want to have to search for a new job.
The couple needed to create a plan with the goal of funding their monthly income needs while still allowing for growth potential from Steve’s investment portfolio. Our newly devised strategy encouraged them to consolidate their accounts to allow them to make large purchases they had been eyeing, such as a new home to be closer to their children and grandchildren.
We also completed a long-term care analysis, and set the couple up with some solutions that would work with their financial plan. When it came to their concerns about healthcare, we used our network of professionals to refer them to someone who could help them manage their healthcare needs in retirement.
How We Helped
Our clients were dealt an unexpected blow when Steve was forced into early retirement and left the workforce earlier than expected. In situations like this it is important to have a plan in place that can navigate the markets while still remaining flexible to account for life’s obstacles.
Much to my delight, the relationship fostered between my clients and myself has continued to develop and blossom over the years. Even as they moved states, we have continued to work together diligently, devising and monitoring a wealth management strategy that covers all their bases. At this point, our friendship and business relationship are as strong as ever, and I look forward to serving them and their family for years to come.
We’re Here for You
Planning for retirement can be tough, especially when you hit a snag. While it can be upsetting, it’s part of life and can be managed to your benefit. If you are concerned about your retirement, we at Blackbridge Financial are here to help you get the answers you need. Email me at [email protected] or call 704.960.9646 to set up an appointment today!
About Antonio
Antonio Porretta is an independent wealth manager at Blackbridge Financial with over 20 years of experience. He specializes in helping people create, distribute, and preserve their wealth. Antonio received an executive MBA from Saunders College of Business at Rochester Institute of Technology in 2007 and also holds the Accredited Asset Management Specialist (AAMS®) designation. Originally from Rochester, NY, Antonio has been a resident of Harrisburg, NC, since 2007. Outside of work, he enjoys playing soccer and tennis, coaching, and spending time with his wife, Laura, and their children, Cristiano, Victoria, and Matteo. To learn more about Antonio and how he can make a difference in your financial life, visit www.blackbridgefinancial.com.
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Securities offered through LPL Financial. Member FINRA/SIPC. Investment advice offered through Independent Advisor Alliance, a registered investment advisor. Independent Advisor Alliance and Blackbridge Financial are separate entities from LPL Financial.
This is a hypothetical situation. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investments or strategies may be appropriate for you, consult your financial advisor prior to investing.